Core Logic-RP Data released its auction market report yesterday, which posted a rebound in the national auction clearance rate amid an ongoing downward trend.
The preliminary national clearance rate was 72.0%, up from the 69.6% rate recorded last weekend, according to Core Logic-RP Data:
Sydney’s clearance rate rose by 1.4% to 72.8%, whereas Melbourne’s was 74.1, up strongly from the 67.7% rate recorded last weekend. Clearances in Brisbane, which typically only has a small number of auctions, were 59.4%, down from the 64.4% recorded last weekend. However, overall auction volumes (2,903) were up significantly from the 841 auctions recorded last weekend, which were impacted by the AFL/NRL grand finals and the long weekends in Sydney and Melbourne:
As shown in the next chart, Melbourne auction clearances continue to trend lower, despite being up by 4.1% over the year:
Sydney’s clearance rate is also coming down from the stratosphere, despite being up 0.9% over the year:
